NRF Forecasts Record Number of Thanksgiving Weekend Shoppers
An estimated 166.3 million people are planning to shop from Thanksgiving Day through Cyber Monday this year, according to the annual survey released today by the National Retail Federation (NRF) and Prosper Insights & Analytics. This figure is almost 8 million more people than last year and is the highest estimate since NRF began tracking this data in 2017. Black Friday continues to be the most popular day to shop, with 69 percent (114.9 million) planning to shop then, followed by 38 percent (63.9 million) on Cyber Monday. Among the 114.9 million Black Friday shoppers, 67 percent say they expect to head to stores, up from 64 percent in 2021.
Total Retail's Take: This is encouraging news for retailers, which are hopeful that the return of more consumers to brick-and-mortar shopping will boost sales and profits this holiday season in spite of rising inflation. While much has been made about consumers starting their holiday shopping earlier this year, the NRF data shows that consumers aren't giving up on Black Friday and Cyber Monday, two of the busiest shopping days of the year. The survey found that the top reasons consumers plan to shop over the holiday weekend include deals that are too good to pass up (59 percent), tradition (27 percent), and because it's something to do (22 percent) over the holiday. Whatever the reason consumers choose to shop, retailers will be competing on price and experience as they try to convert increased levels of shoppers into customers.